2020/05/27 Council Agenda Packet

EEVERETT Project title: Housing Hope Subordination and Priority Agreement for New Century City Council Agenda Item Cover Sheet Council Bill#interoffice use Subordination and Priority Agreement for Housing Hope, New Project: Century Agenda dates requested: Partner/Supplier : Housing Hope Location: None Briefing 5/20/2020 Preceding action: None Proposed action Fund: None Consent Action 5/27/2020 Ordinance Project summary statement: Public hearing Yes X No In 2001,the City of Everett provided a $160,000 CDBG loan to Housing Hope's New Century Village, an affordable housing complex located at 2505 Howard Avenue, Budget amendment: Everett,WA 98203. The loan is forgivable,with 25-year deferred payment terms,at 3% Yes X No simple interest unless paid back for change of use conditions. PowerPoint presentation: Housing Hope is securing a new loan with BECU to do rehabilitation work on New Yes X No Century Village. BECU is requesting first lien position. Housing Hope has therefore Attachments: requested the City of Everett,Snohomish County,the Department of Commerce execute Subordination and Priority a new Subordination and Priority Agreement. Department of Commerce and the County Agreement agree to the approach that liens should be listed by dollar amount, and therefore the City of Everett will be listed in last position on the new agreement. Department(s)involved: Attached is the priority agreement, reviewed by legal,with staff recommendation to Community Development execute. Contact person: Julie Willie Becky McCrary Recommendation(exact action requested of Council): Phone number: Authorize the Mayor to execute the amended and restated Subordination and Priority Agreement for Housing Hope, New Century Village. Email: Initialed by: Department head Administratic - Council P gent 51